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P&G to Detail Growth & Productivity Strategy at 2012 Analyst Meeting

  P&G to Detail Growth & Productivity Strategy at 2012 Analyst Meeting

            Will Confirm Second Quarter and Fiscal Year Guidance;

Announce Strengthened Productivity Plans and Higher Share Repurchase Potential

Business Wire

CINCINNATI -- November 15, 2012

The Procter & Gamble Company (NYSE:PG) hosts its 2012 Analyst Meeting today in
Cincinnati, beginning at 9:30 a.m. Eastern Time. Chairman of the Board,
President and Chief Executive Officer Bob McDonald and members of the
Company’s executive management team will provide a review of P&G’s recent
results, fiscal year outlook and key growth and productivity improvement
strategies.

Mr. McDonald will discuss P&G’s continued efforts to maintain momentum in
developing markets, strengthen its core developed market business, build a
strong innovation pipeline, and aggressively drive cost savings and
productivity improvements. Commenting on these priorities at P&G’s recent
annual shareholders meeting, McDonald said, “Our plan is decisive, simple and
focused – grow our core and win with innovation fueled by productivity. We’re
confident that our growth and productivity strategies will enable P&G to
generate superior levels of shareholder return in both the short- and
long-term.”

Financial Guidance and Share Repurchase Outlook

P&G will confirm its net sales, organic sales, all-in earnings per share and
core earnings per share guidance for both the October – December quarter and
fiscal year 2013. The Company issued its most recent, detailed guidance update
on October 25, 2012, which is summarized in the attached exhibit.

P&G will increase its expected share repurchase outlook to $4 billion to $6
billion from its previous forecast of $4 billion. The Company will note that
if cash results remain ahead of plan, as they were in its fiscal first
quarter, there is an upside potential of $6 billion in share repurchase for
the fiscal year.

Innovation Pipeline

P&G will discuss its portfolio of recent and near-term innovations, including
Tide PODS, Downy Unstopables, ZzzQuil, Cascade Platinum, Crest Pro-Health for
Life, Fusion and Mach3 Sensitive, Olay Fresh Effects, Pantene Expert
Collection, Vidal Sassoon Pro Series, Illumina Color from Wella Professional
and several new fine fragrance innovations on the Gucci, Hugo Boss and Dolce &
Gabbana brands. In addition, the Company will discuss its efforts to
strengthen its pipeline of discontinuous innovations – innovations that
obsolete current products and create new categories and new brands.

Productivity Plans

P&G will reiterate the cost savings objectives it announced earlier this year,
including $6 billion from cost of goods sold, $1 billion from marketing
efficiencies and $3 billion from core selling, general and administrative
(SG&A) overhead costs. As part of this plan, P&G is targeting a
non-manufacturing enrollment reduction of approximately 5,700 positions by the
end of fiscal year 2013. In addition, P&G expects to deliver an annual five
percent net productivity improvement in its manufacturing operations, as
measured by the number of cases of products produced per person, per year.

At today’s meeting, P&G will announce a new objective to reduce
non-manufacturing enrollment by an additional two percent to four percent per
year through fiscal years 2014 to 2016 to strengthen the Company’s ability to
achieve its savings objectives. Jorge Uribe, P&G’s newly appointed Global
Productivity and Organization Transformation Officer, will discuss the
design-based approach the Company will take to achieve the strengthened core
SG&A overhead plans.

P&G’s 2012 Analyst Meeting is available by live audio webcast at
www.pg.com/investors, beginning at 9:30 a.m. ET. The webcast will also be
available for replay.

Forward-Looking Statements

Certain statements in this release or presentation, other than purely
historical information, including estimates, projections, statements relating
to our business plans, objectives, and expected operating results, and the
assumptions upon which those statements are based, are “forward-looking
statements” within the meaning of the Private Securities Litigation Reform Act
of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the
Securities Exchange Act of 1934. These forward-looking statements generally
are identified by the words “believe,” “project,” “anticipate,” “estimate,”
“intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,”
“will,” “would,” “will be,” “will continue”, “will likely results,” and
similar expressions. Forward-looking statements are based on current
expectation and assumptions that are subject to risks and uncertainties which
may cause results to differ materially from the forward-looking statements. We
undertake no obligation to update or revise publicly any forward-looking
statements, whether because of new information, future events or otherwise.

Risks and uncertainties to which our forward-looking statements are subject
include: (1) the ability to achieve business plans, including growing existing
sales and volume profitably and maintaining and improving margins and market
share, despite high levels of competitive activity, an increasingly volatile
economic environment, lower than expected market growth rates, especially with
respect to the product categories and geographical markets (including
developing markets) in which the Company has chosen to focus, and/or
increasing competition from mid- and lower tier value products in both
developed and developing markets; (2) the ability to successfully manage
ongoing acquisition, divestiture and joint venture activities to achieve the
cost and growth synergies in accordance with the stated goals of these
transactions without impacting the delivery of base business objectives; (3)
the ability to successfully manage ongoing organizational changes and achieve
productivity improvements designed to support our growth strategies, while
successfully identifying, developing and retaining key employees, especially
in key growth markets where the availability of skilled employees is limited;
(4) the ability to manage and maintain key customer relationships; (5) the
ability to maintain key manufacturing and supply sources (including sole
supplier and plant manufacturing sources); (6) the ability to successfully
manage regulatory, tax and legal requirements and matters (including product
liability, patent, intellectual property, price controls, import restrictions,
environmental and tax policy), and to resolve pending matters within current
estimates; (7) the ability to resolve the pending competition law inquiries in
Europe within current estimates; (8) the ability to successfully implement,
achieve and sustain cost improvement plans and efficiencies in manufacturing
and overhead areas, including the Company's outsourcing projects; (9) the
ability to successfully manage volatility in foreign exchange rates, as well
as our debt and currency exposure (especially in certain countries with
currency exchange controls, such as Venezuela, China and India); (10) the
ability to maintain our current credit rating and to manage fluctuations in
interest rate, increases in pension and healthcare expense, and any
significant credit or liquidity issues; (11) the ability to manage continued
global political and/or economic uncertainty and disruptions, especially in
the Company's significant geographical markets, due to a wide variety of
factors, including but not limited to, terrorist and other hostile activities,
natural disasters and/or disruptions to credit markets, resulting from a
global, regional or national credit crisis; (12) the ability to successfully
manage competitive factors, including prices, promotional incentives and trade
terms for products; (13) the ability to obtain patents and respond to
technological advances attained by competitors and patents granted to
competitors; (14) the ability to successfully manage increases in the prices
of commodities, raw materials and energy, including the ability to offset
these increases through pricing actions; (15) the ability to develop effective
sales, advertising and marketing programs; (16) the ability to stay on the
leading edge of innovation, maintain a positive reputation on our brands and
ensure trademark protection; and (17) the ability to rely on and maintain key
information technology systems and networks (including Company and third-party
systems and networks), the security over such systems and networks, and the
data contained therein. For additional information concerning factors that
could cause actual results to materially differ from those projected herein,
please refer to our most recent 10-K, 10-Q and 8-K reports.

About Procter & Gamble

P&G serves approximately 4.6 billion people around the world with its brands.
The Company has one of the strongest portfolios of trusted, quality,
leadership brands, including Pampers®, Tide®, Ariel®, Always®, Whisper®,
Pantene®, Mach3®, Bounty®, Dawn®, Fairy®,Gain®, Charmin®, Downy®, Lenor®,
Iams®, Crest®, Oral-B®, Duracell®, Olay®, Head & Shoulders®, Wella®,
Gillette®, Braun®, Fusion®, Ace®, Febreze®, Ambi Pur®, SK-II®, and Vicks®. The
P&G community includes operations in approximately 75 countries worldwide.
Please visit http://www.pg.com for the latest news and in-depth information
about P&G and its brands.

The Procter & Gamble Company

Exhibit: Non-GAAP Measures

In accordance with the SEC’s Regulation G, the following provides definitions
of the non-GAAP measures used in the earnings release and the reconciliation
to the most closely related GAAP measure.

Organic Sales Growth: Organic sales growth is a non-GAAP measure of sales
growth excluding the impacts of acquisitions, divestitures and foreign
exchange from year-over-year comparisons. We believe this provides investors
with a more complete understanding of underlying sales trends by providing
sales growth on a consistent basis. Organic sales is also one of the measures
used to evaluate senior management and is a factor in determining their
at-risk compensation.

The reconciliation of reported sales growth to organic sales is as follows:

                                Foreign   Acquisition/  Organic
                      Net Sales   Exchange   Divestiture    Sales
Total P&G             Growth      Impact     Impact*        Growth
OND 2012 (Estimate)   -1% to 1%   2%         0%             1% to 3%
FY 2013 (Estimate)   0% to 1%   2% to 3%  0%            2% to 4%

*Acquisition/Divestiture Impact includes rounding impacts necessary to
reconcile net sales to organic sales.

Core EPS: This is a measure of the Company’s diluted net earnings per share
from continuing operations excluding charges in both years for incremental
restructuring charges due to increased focus on productivity and cost savings,
charges in both years related to the European legal matters, current year
estimated gain on buyout of Iberian joint venture, and prior year impairment
charges for goodwill and indefinite lived intangible assets. We do not view
these items to be part of our sustainable results. We believe the Core EPS
measure provides an important perspective of underlying business trends and
results and provides a more comparable measure of year-on-year earnings per
share growth. Core EPS is also one of the measures used to evaluate senior
management and is a factor in determining their at-risk compensation. The
table below provides a reconciliation of diluted net earnings per share to
Core EPS:

                                               OND 12 (est.)     OND 11
Diluted Net Earnings Per Share-Continuing         $1.18 to $1.25       $0.56
Operations
Impairment charges                                -                    $0.50
Charges for European legal matters                -                    $0.02
Gain on buyout of Iberian JV (est.)               ($0.17)              -
Incremental restructuring                         $0.06 to $0.05       $0.01
Core EPS                                          $1.07 to $1.13       $1.09
Core EPS Growth                                   -2% to 4%
                                                                       
                                                  FY 2013              FY
                                                  (est.)               2012
Diluted Net Earnings Per Share                    $3.78 to $4.02       $3.66
Gain from snacks divestiture                      -                    ($0.48)
Snacks results of operations – Discontinued       -                    ($0.06)
Operations
Diluted Net EPS–Continuing Operations             $3.78 to $4.02       $3.12
Impairment charges                                                     $0.51
Incremental restructuring                         $0.19 to $0.15       $0.20
Charges for European legal matters                $0.01                $0.03
Gain on buyout of Iberian JV (est.)               ($0.17)              -
Rounding impacts                                  ($0.01)              ($0.01)
Core EPS                                          $3.80 to $4.00       $3.85
Core EPS Growth                                   -1% to 4%

Note – All reconciling items are presented net of tax. Tax effects are
calculated consistent with the nature of the underlying transaction.

Contact:

P&G Media Contacts:
Paul Fox, 513-983-3465
Jennifer Chelune, 513-983-2570
P&G Investor Relations Contact:
John Chevalier, 513-983-9974
 
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